ISSUE – Nov. 16 | Snap has confidentially filed for an IPO

Snap, the company previously known as Snapchat, has privately filed documents with the Securities and Exchange Commission for an IPO, according to sources with knowledge of the company’s plans. This isn’t a surprise. The paperwork has been in the works for months, and these sources say Snap could go public as early as March 2017. The company is targeting a valuation range somewhere between $20 billion and $25 billion, though the official target will be set closer to the IPO date. Reuters was the first to report on Snap’s S-1 filing. [ Recode ]